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UK housing prices dip but there are signs of optimism: Halifax


UK house prices fell in June as Brexit uncertainty leaves the market in limbo, though there are some signs of optimism.

Prices dipped 0.3 per cent to an average £237,110 (S$404,000) from a month earlier, mortgage lender Halifax said. Economists predicted a fall of 0.4 per cent. From a year ago, values increased 5.7per cent in the three months through June, against a backdrop of low growth in the same period of last year.

Demand for housing stabilised in May, with agreed sales falling for a 10th consecutive month, but less steeply. Sentiment on the longer-term outlook for sales and prices showed a modest recovery, the report said.

The property market has been suffering from political turmoil over the UK's departure from the European Union, but a shortage of homes, record employment and low borrowing costs are all putting a floor under values. BLOOMBERG